Missouri's real estate market experienced positive trends last month, according to recent Missouri Realtors data.
Home sales for July showed a 16 percent increase compared with July 2012. Both the average and median prices were up as well while the time it took to sell a home dropped 12 days. With solid home sales, moderate price appreciation and, a reduction in time on market and low mortgage rates, the current state of the market shows favorable conditions to both sellers and buyers.
July 2013 compared to July 2012:
• 6,978 homes sold in July 2013, a double-digit increase of 16.1 percent compared with 6,012 home sold in 2012.
• Homes sold faster in July, reflected by a 9 percent decrease in the number of days a home sat on the market, going from 136 days down to 124.
• Both the average and median home prices for July were up double digits. The average price rose to $172,804, compared with $152,350 a year ago, and the median price of $140,000 was up from $125,000 in 2012. July marks the 25th consecutive month of year-over-year gains in home sales.
July 2013 compared with the previous month of June 2013:
• July showed an increase of 6.2 percent with 6,978 homes sold, compared with 6,568 in June.
• Homes spent an average of 124 days on the market, one day less than the previous month.
• The average selling price of $172,804 for July increased 1 percent over $171,278 in June.
• The median price of $140,000 for July remained flat compared to $139,900 in June.
The latest statistical information reveals that home prices in Missouri have remained higher throughout 2013 in comparison with 2012. The median purchase price of a home throughout the current year has been $127,500. In comparison of the same period in 2012, the median price of a home was at $119,500.
Although interest rates rose in July to the highest rate in two years, they are still at historical lows. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.37 percent in July from 4.07 percent in June, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.55 percent in July 2012. Total housing inventory in Missouri is 41,574, representing a nearly six-month supply at the current sales pace.
In the Jefferson City area
2013 / 2012
Active listings 846 / 892
New listings 246 / 223
Units sold 106 / 122
Average sales price $153,696 / $128,143
Average days on market 86 / 80
Units sold year to date 690 / 680
Source: Jefferson City Area Board of Realtors Multiple Listing Service and Residential Statistics